Three-way merger to create major broker
Oman, Business, 5/11/2001

"Three brokerage companies are set to merge to create a major stock broking entity with strong fundamentals, reports Times of Oman today. The investment banking and securities arm of Oman & Emirates Investment Holding Company, Al Mawarid Securities Company SAOG and Al Shalman Securities Company SAOG are the companies set to consolidate" ONA reported this week.

The report added "Investment companies intending to merge will receive government support such as soft loans equal to 50 per cent of their capital (after mergers), at a ceiling of RO3 millionÊ (US$7.2 million) for a period of five years at four per cent interest. However, the Capital Market Authority (CMA) stipulates that when a company merges, the new companyÕs capital should not be less than RO5 million (US$11.2 million)."

The report added "The government set up a RO50 million (US$ 112 million) fund in November 2000 to encourage consolidation in the local market in order to ensure that local brokers cope with increasing international competition and incorporate best practices, appropriate technologies and wider services demanded by investors, say analysts."

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